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RCED-94-215R 1 (1994-06-01)

handle is hein.gao/gaobackom0001 and id is 1 raw text is: IT 1791 GAO United States JG f) General Accounting Office Washington, D.C. 20548 Resources, Community, and Economic Development Division B-257313 June 1, 1994 The Honorable Dale L. Bumpers Chairman The Honorable Thad Cochran Ranking Minority Member Subcommittee on Agriculture, Rural Development, and Related Agencies Committee on Appropriations United States Senate The Honorable Richard J. Durbin Chairman The Honorable Joe Skeen Ranking Minority Member Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Committee on Appropriations House of Representatives In the conference report for the fiscal year 1994 U.S. Department of Agriculture (USDA) appropriations act (P.L. 103-111), we were asked to review the Agricultural Resource Conservation Demonstration Program, also known as the Farms for the Future Program. This program, administered by USDA's Farmers Home Administration (FmHA), is intended to assist states in financing the preservation of farmland for future generations. Under the program, FmHA guarantees loans made by lending institutions to states and pays interest on these loans. The loans may be used, among other things, to purchase agricultural land or the rights to develop that land (development rights), or they may be invested to generate earnings for future farmland preservation efforts. This correspondence identifies the states that are participating in the program; the amount of the loans guaranteed, and the interest paid, by FmHA; the use of the loans; and the status of the regulations implementing the program. In summary, as of May 15, 1994, Vermont was the only state that had applied for participation and was participating in GAOIRCED-94-215R, Conservation Demonstration Program

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